MORO CORPORATION AND SUBSIDIARIES
CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 2022
MORO CORPORATION AND SUBSIDIARIES
CONTENTS
Consolidated Balance Sheet | 1 |
Consolidated Statement of Operations | 2 |
Consolidated Statement of Changes in Stockholders' Equity | 3 |
Consolidated Statement of Cash Flows | 4 |
Notes to Financial Statements | 5 |
MORO CORPORATION AND SUBSIDIARIES | ||
CONSOLIDATED BALANCE SHEET | ||
JUNE 30, 2022 | 2022 | |
ASSETS | ||
CURRENT ASSETS | ||
Cash and cash equivalents | ||
Cash | $ | 364,828 |
Accounts receivable, net | 2,943,550 | |
Contract receivables, net | 5,301,575 | |
Inventories, net | 6,292,711 | |
Contract assets | 3,719,705 | |
Prepaid expenses and other current assets | 375,868 | |
Prepaid income taxes | 212,171 | |
Assets of discontinued operations | 2,334,886 | |
TOTAL CURRENT ASSETS | 21,545,294 | |
PROPERTY AND EQUIPMENT, net of accumulated depreciation | 782,942 | |
Right of use (ROU) assets from operating leases | 1,152,888 | |
Right of use (ROU) assets from finance leases, net of amortization | 1,042,872 | |
OTHER ASSETS | ||
Deferred income taxes, net | 110,560 | |
Goodwill | 1,262,798 | |
TOTAL OTHER ASSETS | 1,373,358 | |
TOTAL ASSETS | $ | 25,897,354 |
LIABILITIES | ||
CURRENT LIABILITIES | ||
Line of credit | $ | 2,771,241 |
Current portion of long-term debt | 35,314 | |
Current portion of operating lease liabilities | 333,104 | |
Current portion of finance lease liabilities | 297,015 | |
Accounts payable | 4,942,991 | |
Accrued expenses and other current liabilities | 501,265 | |
Contract liabilities | 1,258,554 | |
Liabilities of discontinued operations | 14,481 | |
TOTAL CURRENT LIABILITIES | 10,153,965 | |
LONG TERM LIABILITIES | ||
Long-term debt, net of current portion | 119,237 | |
Operating lease liabilities, net of current portion | 816,292 | |
Finance lease liabilities, net of current portion | 574,425 | |
TOTAL LONG TERM LIABILITIES | 1,509,954 | |
TOTAL LIABILITIES | 11,663,919 | |
STOCKHOLDERS' EQUITY | ||
Common stock, $.001 par value, | ||
25,000,000 shares authorized; 6,369,337 shares issued; | ||
6,119,337 shares outstanding | 6,370 | |
Additional paid-in-capital | 963,205 | |
Retained earnings | 13,363,860 | |
14,333,435 | ||
Treasury stock, at cost, 250,000 shares | (100,000) | |
TOTAL STOCKHOLDERS' EQUITY | 14,233,435 | |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 25,897,354 |
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MORO CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE PERIOD ENDING JUNE 30, 2022
% of Earned | ||||
2022 | Revenues | |||
EARNED REVENUES | ||||
Construction material sales | $ | 7,839,286 | 30.6% | |
Construction contracts revenue earned | 17,738,154 | 69.4% | ||
TOTAL EARNED REVENUES | 25,577,440 | 100.0% | ||
COST OF EARNED REVENUES | ||||
Cost of goods sold | 6,397,257 | 25.0% | ||
Cost of construction contracts revenue earned | 12,638,935 | 49.4% | ||
TOTAL COST OF EARNED REVENUES | 19,036,192 | 74.4% | ||
GROSS PROFIT | 6,541,248 | 25.6% | ||
GENERAL AND ADMINISTRATIVE EXPENSES | 6,148,247 | 24.0% | ||
INCOME/(LOSS) FROM OPERATIONS | 393,001 | 1.5% | ||
OTHER INCOME (EXPENSE) | ||||
Interest expense | (56,237) | -0.2% | ||
Gain on sale of property and equipment | 4,143 | 0.0% | ||
Other income (expense) | 28,266 | 0.1% | ||
NET OTHER INCOME (EXPENSES) | (23,828) | -0.1% | ||
INCOME/(LOSS) FROM CONTINUING OPERATIONS | ||||
BEFORE TAXES | 369,173 | 1.4% | ||
INCOME TAX EXPENSE/(BENEFIT) | 110,882 | 0.4% | ||
INCOME FROM CONTINUING OPERATIONS | 258,291 | 1.0% | ||
DISCONTINUED OPERATIONS | ||||
Loss from operations of discontinued operations net of | ||||
applicable tax benefit of $205,969 | (480,841) | -1.9% | ||
NET INCOME/(LOSS) | $ | (222,550) | -0.9% | |
NET INCOME/(LOSS) PER SHARE, BASIC & DILUTED | $ | (0.04) | ||
Weighted average common shares and diluted | ||||
potential common shares. | 6,119,337 | |||
2
MORO CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
FOR THE PERIOD ENDING JUNE 30, 2022
Total | |||||||||||||||||
Common Stock | Additional | Retained | Treasury Stock | Stockholders' | |||||||||||||
Shares | Amount | Paid-in Capital | Earnings | Shares | Amount | Equity | |||||||||||
Balance, December 31, 2021 | 6,369,337 | $ 6,370 | $ | 963,205 | $ | 13,586,410 | 250,000 | $ | (100,000) | $ | 14,455,985 | ||||||
Net Income/(Loss) | - | - | - | (222,550) | - | - | (222,550) | ||||||||||
Balance, June 30, 2022 | 6,369,337 | $ 6,370 | $ | 963,205 | $ | 13,363,860 | 250,000 | $ | (100,000) | $ | 14,233,435 | ||||||
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Moro Corporation published this content on 12 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 August 2022 18:24:09 UTC.